TDP 30: Gitcoin Quadratic Lands Hackey Sack Purchase Source

AuthormZeroNine
Discussions-Tohttps://forum.mstable.org/
StatusWIP
Created2021-12-10

Simple Summary

It is proposed to purchase between 3 and 5 $SACKS (7,875 to 13,250 mUSD at the time of writing) in order to allocate a small portion of treasury funds towards public goods in a novel way, to make $SACKS more usable in the ecosystem, and to hold the remaining $SACKS ourselves for treasury diversification purposes.

Abstract

The mStable community mentioned that we ought to do more for the public goods space on Ethereum with our treasury, so after this successful temperature check, it is proposed to allocate a small portion of our treasury towards buying 3 to 5 $SACKS from the open market.

After the purchase, 1 or 2 $SACKS will get kicked back to GitcoinDAO to use freely as they see fit to further the Gitcoin project, while a further $SACKS will be handed to Atlantis World to use for a tighter integration in the Atlantiverse, while the mStable TreasuryDAO will retain the remaining $SACKS in perpetuity as a provable scarce asset on the blockchain.

Motivation

The treasury has not yet allocated any meaningful funding to Gitcoin this year, and with this purchase, we would be able to do so in a novel way that also benefits the treasury and the ecosystem as a whole in the process.

It would also be anticipated that other DAOs and individuals will join this effort based on this initial idea to kick back $SACKS to Gitcoin and other protocols that weave together and maintain the ecosystem, and in the process increase the value of $SACKS for everyone.

Specification

Proposed workflow

The suggested method of purchase is to market buy 3 to 5 $SACKS from Uniswap (around 1.77 to 2.95 ETH at the current market rate) from the Asset Management subDAO’s additional DAI that got generated between the resolution of TDP 26 and now, and “kick” them to the respective recipients via multi-sig transactions.

The SACKS for Atlantis World will be kicked to this address.

The SACKS for Gitcoin will be kicked in parts to the Matching Pool Treasury, as well as the internal Gitcoin Holdings multisig.

The remaining $SACKS will then be kicked to the mStable TreasuryDAO.

Copyright and related rights waived via CC0.